First Daiwa profit for four years

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Daiwa Securities yesterday reported its first profit in four quarters as a rebound in Japanese share prices lifted fees from stock trading. Daiwa also unveiled plans to cut 30bn yen (£227m) in costs over three years by merging its two brokerage units. It reported net profit of 1.18bn yen for October to December, compared with a profit of 26.4bn yen a year ago.